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The Ethena integration deposits USDe into Ethena’s staking vault on Ethereum. You receive sUSDe, an ERC-4626 share whose redemption value in USDe rises as staking rewards accrue.

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Availability

The yield ID is the fixed value ethena-usde-staking. Check its status with GET /v1/yields?providers=ethena (project-scoped).

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Entering

An enter action approves USDe and deposits it into the sUSDe vault in the same flow. sUSDe is minted to your address immediately, with no warmup period.

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Exiting

Exiting sUSDe is a two-step flow, not an instant redeem:
  1. The exit action calls the vault’s cooldownShares function, which converts your sUSDe into a pending unstake and starts the cooldown. Your USDe is not returned yet.
  2. During the cooldown the position is an exiting balance with no pending actions. Once the cooldown ends, it is returned as a withdrawable balance with a CLAIM_UNSTAKED pending action. Submitting it calls the vault’s unstake function, which transfers the USDe to your address.
The cooldown is set by the sUSDe contract (currently 7 days, reported in the yield’s cooldownPeriod) and cannot be skipped. After it ends, the USDe is not sent automatically: you must submit the CLAIM_UNSTAKED pending action to release it. Track the cooldown and the claimable balance through balances and positions.

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Rewards and position

Staking rewards compound automatically into the sUSDe share price; there is no separate claim step for the base yield. Ethena also credits Sats, a points-program balance tracked alongside your staked position, with no claim action of its own.

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Next steps

Vaults

Compare Ethena with the other vault integrations.

Action lifecycle

Request, sign, and submit enter and exit actions, including pending actions.